Safe and Green Holdings Corp (SGBX)

[Milesblue42]

Lago Vista LOI for $12+ Million Sale

https://www.marketwatch.com/press-release/safe-green-holdings-corp-announces-letter-of-intent-to-sell-lago-vista-site-for-125-million-2023-06-15?mod=mw_quote_news_seemore

Million
Published: June 15, 2023 at 8:30 a.m. ET
comments
Email icon
Facebook icon
Twitter icon
Linkedin icon
Flipboard icon
Print icon
Resize icon
The MarketWatch News Department was not involved in the creation of this content.

MIAMI, (BUSINESS WIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green Holdings” or the “Company”), a leading developer, designer, and fabricator of modular structures for residential, commercial, and point-of-care medicine, today announced that it has entered into a letter of intent (“LOI”) to sell its Lago Vista site for $12.5 million. The Company initially acquired the property in 2021 for $3.5 million.

“We are pleased to have executed this LOI for the sale of our Lago Vista site,” said Paul Galvin, Chairman and CEO of Safe & Green Holdings. “The planned sale of this property illustrates our ability to maximize and monetize assets, and should significantly enhance our balance sheet. In turn, this infusion of non-dilutive capital should allow us to capitalize on new and exciting projects underway, which we believe will help accelerate growth and drive profitability. We believe that this is an excellent outcome for both the Company and our shareholders.”